They need to:
Cut down their administrators by 50%
Have strict admission standards based on prior and ongoing academic standing (which means fewer students).
Sell off some of their assets such as extravagant dorms, student facilities etc that were built in the last 20 years or so partly with public money.
Stick to core academic subjects.
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Then and only then should they receive any public monies.
“Cut down their administrators by 50%”
A friend of mine who teaches in the business school at the local university told me that the staff/faculty ratio there has gone from 2/3 to 3/2 in the past 20 years.
“Sell off some of their assets such as extravagant dorms, student facilities etc that were built in the last 20 years or so partly with public money.”
The dorms at the local university were build with revenue bonds that are guaranteed by the taxpayer, but so far no defaults. There is a proposal to privatize the dorms, but the potential investors want extensive tax breaks.